Reasonable amount of time

[Kaw]

so in lets say a contract or lease on either side paying or getting paid what is a reasonable amount of time to make good?. All the contract or lease states is payment must be made in a reasonable amount of time. Thanks for any help.

 

[marimus]

contract or lease for what?

A hay field you might expect payment when the hay is sold, bit different to a house.

 

[Kaw]

I will just say buying or selling of goods. With no expiration..like natural gas. Its a monthly buy or sell, that will go on for years.

 

[Kyle241]

There are not terms spelled out in the contract/lease? If not well then now you're up to a persons word and unfortunately that can change depending on the individual and circumstances. All my contracts have net 30 and 1%/mth for late payment. I have been sometime lenient with a couple customers but they also better have a good explanation and I do not let it happen more than once and not per customer, only the ones that are 'friends' in the business.

I say 30 days is about norm so if they haven't paid yet and should have, give them a call to find out what is going on and if the response you get isn't to your liking, follow-up with a register letter explaining this is standard practice. At least then you have something documented they owe monies to you.

 

[Robert_in_NY]

If its a monthly buy and they haven't paid by the next buy then I think reasonable time is 28-30 days.

 

[creekbend]

I would ascertain that finding the answer to your question would largely depend upon two particulars. One being the item that is being bought or sold and what price range it involves. Two being the agreement that the buyer and seller both agree on. A written contract should be prepared indicating the exact criteria that is to be met to satisfy both the buyer and seller. If the terms are not written and agreed upon in "black and white", either party could later dispute the terms. This is only a short narrative in regards to your question, and hopefully this will give you a better understanding and insight involving contracts. Remember that a contract is legally binding and should be written in a manner that all the terms are described. Good Luck. I would also recommend you having the contract signed and notarized by a notary public.

 

[eray1066]

Always replace "reasonable amount of time" with specific time number of days , etc. I had a purchase and sale agreement on 28 acres in Maine that gave the sellers a "reasonable amount of time" to clear the title of any encumbrances. Although it was not disclosed earlier a title search found that there were mineral rights on the property.
The sellers had a much different idea (years say) about what "reasonable amount of time" was from my idea (120 days say) It took a year and a couple of court appearances to get my deposit back.
"reasonable amount of time" is subjective use a definitive time.